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Buying or Selling a Home/First Time Buyer
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Question
I’m a first time home buyer. I found a house that I would like to potentially make an offer on. I was pre-approved for the home loan. The seller of this home owns the Realty Company this home is through. The realtor I am working with works for this real estate agency. Should I choose another realtor that works for another agency?
Also, what is the next step after the loan is approved? Do I get an inspection before making an offer? Who is responsible for paying for the inspection?
TINA--
It's my professional opinion that all First-Time Home Buyers should engage the services of a BUYER's AGENT! The situation you are in is one that contains too many "conflicts of interest" and/or "identity of interests" with the Home you're interested in being owned by the Real Estate Company Owner/Broker and the Agent you're counting on to work for you is an Employee of that Seller/Broker!
On top of the potential problems coming from the relationships between Seller and your Agent, it looks like your Agent isn't doing a very thorough job of helping you understand the complex process of purchasing a Home! The questions you've asked me about the next steps in the process, what happens after loan approval, when to get an inspection,who pays for it, etc, are ALL things that your Buyer's Agent will help you with!
Purchasing a Home is probably the biggest financial action you'll taker in your Lifetime!If I were you, I'd fire my current Agent and enter into a "Buyer's Agent Agreement" with an Agent who specializes in helping First-Time Homebuyers--and who DOESN'T work out of the Seller's Real estate Office! Your NEW Buyer's Agent and the Agent you fire MAY argue over the Commission if your current Agent actually found & showed you the Home you make an offer on--but that's NOT YOUR PROBLEM, they will work it out, I'm sure!
Before you do anything else, you need someone who's loyalty is to you ONLY--and someone who will answer your questions and guide you through the "Real Estate Maze!" You need a BUYER's AGENT!
GOOD LUCK!
--JIM
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Jim Root
Expertise
How to select the right Real Estate Salesperson & Loan Officer--ones who will serve your best interests! House-hunting tips & suggestions on selection of the home best for your family needs. Introduction to the Home Buying Process & all the "Players" involved.What is of utmost important to the Homebuyer? Real Estate Contracts & Negotiations, Appraisal needs, Title Co. involvement, Home Inspection issues& the Closing/Escrow systems, etc. Whatever your question, the answer will follow, whether from personal knowledge or research! Gale, shown here with me, has been a Real Estate Office Administrator, licensed Realtor & has served as my Research Assistant over the years!
Experience
Over 30 years as a "Real Estate Professional." including Real Estate Marketing & Sales, Appraisal work, Mortgage Banking & as a Realty Officer with U.S Dept. of HUD's FHA Homeownership Division in Alaska, Washington & Idaho! Some experience in Montana, California, Utah & Nevada markets!Knowledge of National Markets by continuous Research!
Organizations
Former member of Nat'l Ass'n of Realtors (NAR) & Mortgage Bankers Ass'n of America (MBAA). Currently with National Association of Review Appraisers & Mortgage Underwriters (NARA/MU).
Publications
Published in various local, state, regional & national Real Estate-related magazines & newsletters!Co-author of various Govt. publications on Homeownership, Appraisals & Mortgages while with HUD/FHA.
Education/Credentials
Associate Degree in Real Estate Studies plus:
Numerous Real Estate-related Courses conducted by the U. S. Government & Private Industry over the past 30 years.
Bachelors Degree in Mass Communications,
Masters Degree in Education/Teaching
Awards and Honors
Professional Designations: Certified Residential Originator (CRO) from MBAA, Registered Mortgage Underwiter (RMU) & Certified Review Appraiser (CRA) from NARA/MU. Outstanding Peformance Awards for 10 of the 12 years with HUD/FHA & numerous Sales/Listing Awards while a licensed Real Estate Agent.
Past/Present Clients
No longer selling/listing Real Estate, nor Appraising properties, nor working in the Mortgage business, this "Real Estate Pro" serves as Director of a Company that provides Professional Development Seminars & Workshops to the "Real Estate Industry" and provides free (as needed) & fee-paid (on a sliding scale) consulting & inspection services to members of the general public.Your questions will be answered without "salesmanship" & with your best interests in mind!
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